Trump hits out at unfair trade in bilateral vision

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US President Donald Trump on Friday touted “mutually beneficial commerce” through bilateral deals in the Asia-Pacific while hitting out at “chronic trade abuses.”

Trump, addressing the Asia-Pacific Economic Cooperation (APEC) CEO Summit at the Vietnamese beach resort of Da Nang, praised the accomplishments of member economies and described the region as “a beautiful constellation of nations, each its own bright star, satellites to none.”

US President Donald Trump speaks on the final day of the APEC CEO Summit in the central Vietnamese city of Da Nang on November 10, 2017. /Reuters Photo

'Mutually beneficial trade'

Trump said that “economic security was national security” as he laid out what he described as his "Indo-Pacific dream." He placed an emphasis on bilateral trade deals in the Asia-Pacific region and offered a “renewed partnership with America.”

“At the core of this partnership we seek robust trade relationships rooted in the principles of fairness and reciprocity,” he added.

“I will make bilateral trade agreements with any Indo-Pacific country that wants to be our partner and abides by rules of fair and reciprocal trade.”

The US president warned that “unfair trade undermines us all” and reiterated his claim that trade imbalances with the US were the fault of previous administrations, rather than trading partners.

“I do not blame China or any other country for taking advantage of the US on trade. If the representatives are able to get away with it, they are just doing their jobs.”

However, Trump said the US “will not be taken advantage of any more” and added that he “will always put America first, the same way I expect all of you in this room to put your countries first.”

WTO ‘unfair’ to the US

Trump signaled the US to move away from multilateralism with repeated mentions of “America First," and also hit out at the World Trade Organization (WTO).

“We have not been treated fairly by the World Trade Organization. Organizations like the WTO can only function properly when all members follow the rules."

US President Donald Trump speaks on the final day of the APEC CEO Summit in the central Vietnamese city of Da Nang on November 10, 2017. /Reuters Photo

The Trans-Pacific Partnership (TPP) – which Trump withdrew the US from on his first working day in office – is meanwhile moving closer to fruition, with the 11 remaining members discussing the deal on the sidelines of the APEC conference.

'Twisted fantasies'

The US president also reiterated his call for a unified approach to tackling the Korean Peninsula nuclear issue, warning that “the future of this region must not be held hostage to a dictator’s twisted fantasies.”

Vietnam is the fourth leg of Trump’s five-nation Asian tour, after visits to China, Japan and S. Korea. He will travel to Hanoi for a state visit after the APEC meeting, before rounding off his trip at an ASEAN conference and the East Asia Summit in the Philippines.

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